An investigation on behalf of current long term investors in NYSE: MIC) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 10/22/2018 -- An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Macquarie Infrastructure Corporation.
Investors who are current long term investors in Macquarie Infrastructure Corporation (NYSE: MIC) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NYSE: MIC stocks follows a lawsuit filed recently against Macquarie Infrastructure over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: MIC stocks, concerns whether certain Macquarie Infrastructure Corporation directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that the Defendants misrepresented and concealed material risks facing the IMTT business. The plaintiff says that the defendants repeatedly emphasized IMTT's "very strong" performance and "high" utilization rates and that the defendants touted Macquarie Infrastructure Corporation's "good visibility" into "macroeconomic factors influencing supply and demand" as evidence of IMTT's stability, but concealed IMTT's dependence on heavy residual oil, the use of which had been in decline for years.
The plaintiff claims that rather than disclose the material risk to the Company presented by the decline in heavy residual oil products, Defendants downplayed Macquarie's exposure to fluctuations in the use of petroleum products and that Defendants also provided false assurances regarding the sustainability of Macquarie's dividend.
The plaintiff alleges that the Defendants' misrepresentations and material omissions rendered investors unable to appreciate or assess the material risks to IMTT of shifting commodity demands, and the resultant impact to the Company's dividend, and that when the truth regarding IMTT's dependence on heavy residual fuel oils was finally revealed on February 21, 2018 and Macquarie Infrastructure Corporation announced that it would be slashing its dividend by 31%, the price of the Company's stock declined significantly.
Those who purchased shares of Macquarie Infrastructure Corporation (NYSE: MIC) have certain options and should contact the Shareholders Foundation.
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